JUST IN: Japan’s Financial Services agency has ordered FTX Japan to suspend operations and put together a 'business improvement plan' after the exchange halted customer withdrawals. iamsandali reports
In its order, the FSA cites the fact that FTX Japan halted withdrawals for customers in the country without specifying a date for reinstatement and without stopping the onboarding of new customers to the platform.Under the circumstances, the regulator said it is uncertain about FTX Japan's health.
"It is necessary to take all possible measures to prevent a situation in which [Japanese customers' assets] are leaked to a [foreign] affiliated company," the order said. The FSA's suspension order is accompanied by a"business improvement order" which requires FTX Japan to accurately identify users, strive to protect users' assets and"appropriately disseminate information to users regarding the protection of their assets."
FTX Japan is also required to submit a"written business improvement plan" for fixing the cited issues by Nov. 16, 2022.CoinDesk has reached out to FTX Japan and the FSA for comment but they had not responded by press time.
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